StockX, an online trading platform for physical items, has joined the FinTech unicorn club following close of its $110m Series C.
DST Global, General Atlantic, and GGV Capital led the investment round, with capital also coming from previous StockX backers GV and Battery Ventures.
As part of the deal, former eBay senior vice president Scott Cutler will take over as the CEO of StockX, replacing the company co-founder Josh Luber. Luber will continue to serve on the executive leadership team and will remain on the company’s board of directors.
Following the close of the deal, the company will use the funds to accelerate its international growth efforts, with a focus on the European and Asian markets. In addition to this, the company will also look to diversify its product categories and extend its offline reach with more brick-and-mortar locations around the world.
As for interactions with the market, StockX will continue to look to collaborate with brands to release products directly on its platform as ‘initial product offerings.’
Founded 2016, StockX is a ‘stock market of things’ where consumers can buy and sell products across five categories: trainers, watches, handbags, collectables, and streetwear. The platform boasts real-time, credible pricing complete with live bids and asks, with timestamped transactions to ensure all buyers and sellers can access the most up-to-date information on products.
Other information available include market analysis, individual portfolio tracking, historical sales, and volume metrics.
GGV Capital managing partner Hans Tung said, “GGV Capital has long seen the value of investing in e-commerce disruptors and StockX is no exception. It is more than a marketplace; the platform’s unique model is truly changing the way consumers engage in the purchasing process and has global growth potential.
“StockX has already seen incredible growth internationally but what we are most excited about is the opportunity to continue to scale the company globally and provide unprecedented access to consumer goods for users across the world.”
This funding round has come just a year after the StockX closed its Series B round on $44m, following investments from GV and Battery Ventures.
Capital from the previous round helped the enterprise expand to Europe and ‘significantly’ increase its worldwide userbase.
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